FinBox’s revenue grew by 47% to Rs 53.24 crore in FY24, up from Rs 36.20 crore in FY23. Over 91% of its revenue is derived from its operations in FY24.
Founded in 2015, FinBox empowers businesses to offer tailored credit products, including BNPL, personal loans, working capital loans, and invoice financing, by leveraging its proprietary alternative credit scoring algorithm and end-to-end API infrastructure. The company’s product suite includes tools like a bank statement analyzer, alternate data underwriting engine, LOS, and a multi-bureau analytics platform, enabling credit to even underserved segments like MSMEs.
FinBox’s expenses increased by 46.85% in FY24, reaching Rs 86.85 crore, compared to Rs 59.12 crore in FY23. Employee benefit costs were the largest expense category, contributing 56.25% of total expenses in FY24, up from 48.37% in FY23. Advertisement costs declined to 1.23% of total expenses in FY24 from 1.8% in FY23, while depreciation costs decreased to 2.23% in FY24 from 3.11% in FY23.
The company reported a loss of Rs 33.60 crore in FY24, widening from a loss of Rs 23.09 crore in FY23. The EBITDA margin stood at -59.40% in FY24, slightly declining from -58.23% in FY23. FinBox’s ROCE deteriorated to -41.89% in FY24, down from -21.15% in FY23.
FinBox has raised Rs 124.40 crore in funding across three rounds, with its most recent funding in May 2022 through a Series A round. The key shareholders include Rajat Deshpande (18.84%), Anant Deshpande (18.83%), an ESOP pool (11.31%), and Flipkart Advanz (1.55%).